Colibri and Partner to Begin Diamond Drilling at Pilar and Closes Financing
Colibri Resource and partner Tocvan Ventures will begin a 1,250-metre diamond core drilling program at the Pilar Gold & Silver Project in Sonora, Mexico in early January 2025. The drilling will focus on the Main Zone to develop a geological model for an upcoming maiden resource estimation.
The companies are planning a 50,000-tonne bulk test mine sample scheduled for next year, with ground preparation expected in Q1 2025. The test mine is projected to recover 800-1,400 ounces of gold and 5,000 ounces of silver, based on previous bulk sample results that showed 62% gold recovery and 50% silver recovery. The test mine facility is budgeted at USD $1.7 million.
Additionally, Colibri announced the closure of its private placement, selling 550,000 units for aggregate proceeds of $305,500, with each unit consisting of one common share and one warrant at $0.075 for 24 months.
Colibri Resource e il partner Tocvan Ventures inizieranno un programma di perforazione di diamante di 1.250 metri presso il Pilar Gold & Silver Project in Sonora, Messico, all'inizio di gennaio 2025. La perforazione si concentrerà sulla Zona Principale per sviluppare un modello geologico per una prossima stima delle risorse.
Le aziende stanno pianificando un campione di miniera test su bulk di 50.000 tonnellate, previsto per il prossimo anno, con la preparazione del terreno attesa nel primo trimestre del 2025. Si prevede che la miniera di test recuperi 800-1.400 once d'oro e 5.000 once d'argento, basato sui precedenti risultati del campione di bulk che hanno mostrato un recupero del 62% dell'oro e del 50% dell'argento. Il budget per l'impianto della miniera di test è di 1,7 milioni di dollari USA.
Inoltre, Colibri ha annunciato la chiusura del suo collocamento privato, vendendo 550.000 unità per un ricavo complessivo di 305.500 dollari, con ciascuna unità costituita da una azione comune e un warrant a 0,075 per 24 mesi.
Colibri Resource y su socio Tocvan Ventures comenzarán un programa de perforación de testigos de diamante de 1,250 metros en el Pilar Gold & Silver Project en Sonora, México, a principios de enero de 2025. La perforación se centrará en la Zona Principal para desarrollar un modelo geológico para una próxima estimación de recursos.
Las empresas están planeando una prueba de minería a granel de 50,000 toneladas programada para el próximo año, con la preparación del terreno prevista para el primer trimestre de 2025. Se proyecta que la mina de prueba recupere entre 800 y 1,400 onzas de oro y 5,000 onzas de plata, basándose en resultados anteriores de muestras a granel que mostraron un recuperación del 62% de oro y del 50% de plata. La instalación de la mina de prueba tiene un presupuesto de 1.7 millones de USD.
Además, Colibri anunció el cierre de su colocación privada, vendiendo 550,000 unidades por unos ingresos totales de 305,500 dólares, con cada unidad compuesta por una acción común y una opción a 0.075 durante 24 meses.
Colibri Resource와 파트너 Tocvan Ventures는 2025년 1월 초에 멕시코 소노라의 Pilar Gold & Silver Project에서 1,250미터 다이아몬드 코어 시추 프로그램을 시작할 예정이다. 이 시추는 메인 존에 집중되어 향후 최초 자원 추정치를 위한 지질 모델을 개발할 예정이다.
기업들은 내년에 예정된 50,000톤 대규모 테스트 광산 샘플을 계획하고 있으며, 2025년 1분기 중에 착토 작업이 예상된다. 이 테스트 광산은 이전 대량 샘플 결과에 따라 800-1,400온스의 금과 5,000온스를 회수할 것으로 예상되며, 금 회수율은 62%, 은 회수율은 50%였다. 테스트 광산 시설의 예산은 170만 달러이다.
추가로, Colibri는 사모 배치를 종료했다고 발표했으며, 550,000 단위를 판매하여 총 305,500 달러의 수익을 올렸고, 각 단위는 1주와 24개월 동안 0.075의 워런트를 포함하고 있다.
Colibri Resource et son partenaire Tocvan Ventures vont commencer un programme de forage diamantaire de 1.250 mètres au Pilar Gold & Silver Project dans l'État de Sonora, au Mexique, début janvier 2025. Le forage se concentrera sur la Zone Principale pour développer un modèle géologique en vue d'une estimation des ressources à venir.
Les entreprises prévoient un échantillon de mine test de 50.000 tonnes prévu pour l'année prochaine, avec des préparatifs de terrain attendus au premier trimestre 2025. La mine test devrait récupérer entre 800 et 1.400 onces d'or et 5.000 onces d'argent, sur la base des résultats d'échantillons précédents qui ont montré un taux de récupération de 62 % pour l'or et 50 % pour l'argent. L'installation de la mine test est budgétée à 1,7 million USD.
De plus, Colibri a annoncé la clôture de son placement privé, en vendant 550.000 unités pour des revenus totaux de 305.500 dollars, chaque unité comprenant une action ordinaire et un bon de souscription à 0,075 dollars pendant 24 mois.
Colibri Resource und Partner Tocvan Ventures werden Anfang Januar 2025 ein 1.250 Meter umfassendes Diamantkernbohrprogramm im Pilar Gold & Silver Project in Sonora, Mexiko, beginnen. Das Bohren wird sich auf die Hauptzone konzentrieren, um ein geologisches Modell für eine bevorstehende erste Ressourcenschätzung zu entwickeln.
Die Unternehmen planen eine 50.000-Tonnen-Bulk-Testmine, die für das nächste Jahr angesetzt ist, mit einer Bodenvorbereitung, die im ersten Quartal 2025 erwartet wird. Die Testmine wird voraussichtlich 800 bis 1.400 Unzen Gold und 5.000 Unzen Silber zurückgewinnen, basierend auf früheren Bulk-Proben-Ergebnissen, die eine Goldrückgewinnung von 62 % und eine Silberrückgewinnung von 50 % zeigten. Die Testmine hat ein Budget von 1,7 Millionen USD.
Zusätzlich gab Colibri die Schließung seiner Privatplatzierung bekannt, bei der 550.000 Einheiten mit einem Gesamterlös von 305.500 USD verkauft wurden, wobei jede Einheit aus einer Stammaktie und einem Warrant für 0,075 USD über 24 Monate besteht.
- Previous bulk sample showed promising recovery rates: 62% for gold and 50% for silver
- Historical drilling results include high-grade intersections up to 12 g/t Au
- Project shows potential as a near-term producing asset
- Successfully raised $305,500 through private placement
- Test mine facility requires significant capital investment of USD $1.7 million
- Drilling program delayed from December to January due to staffing challenges
Dieppe, New Brunswick--(Newsfile Corp. - December 20, 2024) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to announce that the Company and its partner Tocvan Ventures Corp. (CSE: TOC) ("Tocvan") will commence a diamond core drilling program of up to 1,250 metres focussed on the Main Zone target at the Pilar Gold & Silver Project in Sonora Mexico in the first week of January.
Core drilling will be focused across the Main Zone to build out a robust geological model which is needed for an upcoming maiden resource estimation. Colibri will contribute to the expense of this program by way of utilizing a portion of the balance of its USD
Ian McGavney, President & CEO of Colibri commented, "We continue to believe that Pilar holds the potential to be a near term producing asset and are excited to move forward with our partner Tocvan Ventures to unlock its potential. The data generated in the current program will be extremely useful in furthering our understanding of the deposit and developing additional targets for its growth. The new assays and data will be added to the project's geological model and added to an upcoming maiden NI 43-101 Resource Estimate. The resource estimate will act as a baseline for project value and guide future work and its development. We look forward to updating our shareholders of our progress at Pilar."
Drilling was originally planned to commence in early December with a very tight timeline for completion before the Christmas holidays, however due to seasonal staffing challenges with the drillers it was decided as a best practice to push back the start date to ensure proper staffing and safety on the rig.
Test Mine / Bulk Sample Plans
Near term exploration permitting applications at Pilar will include a program for the extraction and processing of a 50,000 tonne bulk test mine sample scheduled for next year. The ground preparation for the test mine is expected early in the first quarter of 2025 and will include systematic trenching and channel sampling.
Our partner, Tocvan, who acts as operator of the Pilar Gold and Silver Project, forecasts metals recovery at the test mine to be between 800 to 1,400 ounces (dependent on grade and recovery) as well as 5,000 ounces of silver (see Tocvan's news release dated November 27, 2024). Tocvan's management believes that these are conservative estimates for recovery based on recovery rates experienced during the independently reviewed bulk sample completed in 2023 which yielded a head grade of 1.9 g/t Au and 7 g/t Ag with
About the Pilar property
The Pilar gold-silver property has returned some of the region's best drill results. Coupled with encouraging gold and silver recovery results from metallurgical testwork, Pilar is primed to be a potential near-term producer. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. Initially, three primary zones of mineralization were identified on the original property from historic surface work and drilling, and are referred to as the Main zone, North Hill and 4-T. Each trend remains open to the southeast and north, and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend. Only half of that trend has been drill tested so far.
Pilar drill highlights:
- 2022 phase 3 diamond drilling highlights include (all lengths are drilled thicknesses):
- 116.9 metres of 1.2 grams per tonne gold, including 10.2 m of 12 g/t Au and 23 g/t silver;
- 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and 5 g/t Ag;
- 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag;
- 2021 phase 2 RC drilling highlights include (all lengths are drilled thicknesses):
- 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au;
- 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag;
- 29 m of 0.7 g/t Au;
- 35.1 m of 0.7 g/t Au;
- 2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses):
- 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag;
- 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag;
- 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag;
- 15,000 m of historic core and RC drilling; highlights include:
- 61.0 m of 0.8 g/t Au;
- 21.0 m of 38.3 g/t Au and 38 g/t Ag;
- 13.0 m of 9.6 g/t Au;
- 9.0 m of 10.2 g/t Au and 46 g/t Ag.
Pilar bulk sample summary:
- 62-per-cent recovery of gold achieved over 46-day leaching period;
- Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and three g/t Ag;
- Bulk sample only included coarse fraction of material;
- Fine fraction indicates rapid recovery with agitated leach:
- Agitated bottle roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.
Additional metallurgical studies:
- Gravity recovery with agitated leach results of five composite samples returned:
- 95- to 99-per-cent recovery of gold;
- 73- to 97-per-cent recovery of silver;
- Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.
Technical information expressed in this news release is the view of Brodie A. Sutherland, chief executive officer for Tocvan, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Private Placement Update
Further to its news release dated October 4, 2024, the Company announces that it will no longer be selling any further securities under an offering originally announced on August 23, 2024. As a result, the Company has applied for final acceptance from the TSX Venture Exchange which the Company expects to be issued in due course. As disclosed in its news release dated September 6, 2024, the Company completed the sale of a single non-brokered tranche of 550,000 units for aggregate gross proceeds of
Two insiders of the company have acquired an aggregate of 550,000 units in the offering for gross proceeds of
The common shares and warrants are subject to a statutory hold period expiring on the date that is four months and one day after closing.
Net proceeds of the offering will be used for exploration expenses at the Company's highly prospective precious metals projects in Mexico, including the Pilar gold project and the EP gold project as well as for working capital.
ABOUT COLIBRI RESOURCE CORPORATION
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1)
For more information about all Company projects please visit: www.colibriresource.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234656
FAQ
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